20 Aug 2019 18:07
20 August 2019
Circle Property Plc
("Circle" or the "Company")
Result of Annual General Meeting
Circle Property Plc (AIM: CRC), which invests in, develops and actively manages well-located regional office assets, is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting held today were duly passed.
The total votes were cast as follows:
Resolution | For | % | Against | % | Withheld |
Ordinary Resolution | |||||
1 | 15,620,655 | 100 | 0 | 0 | 0 |
2 | 15,620,655 | 100 | 0 | 0 | 0 |
3 | 15,620,655 | 100 | 0 | 0 | 0 |
4 | 15,620,512 | 99.99 | 143 | 0.01 | 0 |
5 | 15,620,615 | 99.99 | 40 | 0.01 | 0 |
6 | 14,028,115 | 89.80 | 1,592,540 | 10.2 | 0 |
7 | 14,028,115 | 89.80 | 1,592,540 | 10.2 | 0 |
Special Resolution | |||||
8 | 15,620,615 | 99.99 | 40 | 0.01 | 0 |
Following the passing of the resolutions, inter alia, a final dividend of 3.3p per share will be paid on 22 August 2019 to shareholders on the register on 19 July 2019.
Circle Property Plc | +44 (0)20 7930 8503 |
John Arnold, CEO Edward Olins, COO | |
Cenkos Securities plc | +44 (0)20 7397 8900 |
Azhic Basirov Katy Birkin
Radnor Capital Joshua Cryer Iain Daly
|
+44 (0)20 3897 1830 |
Camarco | +44 (0)20 3757 4980 |
Ginny Pulbrook Tom Huddart |
About Circle Property Plc
Circle is the best performing quoted UK real estate company by NAV total return (NAV growth and dividend)1 having delivered consistent returns with 86% NAV growth since IPO in 2016 in absolute terms.
Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.
As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with total estimated rental values of £10.34m per annum, compared to contracted rent of £7.61m at 31 March 2019. The Company has a portfolio of 16 regional commercial property investment and development assets in the UK valued at £139.2m.
1 Source: Radnor Capital research, 31 March 2019